Cyber Security Awareness: A Guide for Everyone (Episode3:Protecting Your

Protecting Your Business

Businesses of all sizes are vulnerable to cyber threats in the current digital era. From simple data breaches to full-blown ransomware assaults that can interrupt a company’s activities, these attacks can take many different forms. Businesses must seriously consider cyber security and have a solid plan in place to guard against any threats.

One important aspect of protecting a business from cyber attacks is to have a comprehensive cyber security plan. This plan should include regular security assessments, policies and procedures for employees to follow, and a disaster recovery plan in case of an attack. Additionally, businesses should ensure that all hardware and software are up-to-date and that regular backups are made to protect important data in case of a breach.

Another crucial aspect of protecting a business from cyber attacks is to educate employees about cyber security. This can include training on how to identify potential threats, how to protect sensitive data, and what to do in case of an attack. It’s important to remember that even the best cyber security plan is only as strong as its weakest link, and employees can be vulnerable to phishing attacks or inadvertently downloading malicious software.

In addition to having a solid cyber security plan in place, businesses can also take advantage of various cyber security tools and services. These can include firewalls, intrusion detection systems, and antivirus software, as well as more advanced tools such as security information and event management (SIEM) software that can detect and respond to potential threats in real time.

One of the most significant challenges in protecting a business from cyber attacks is staying ahead of the constantly evolving threat landscape. Attackers are always finding new ways to exploit vulnerabilities, and it’s crucial for businesses to stay up-to-date on the latest threats and security best practices. As cybersecurity expert Bruce Schneier once said, “Security is a process, not a product.”

To illustrate the importance of having a robust cyber security plan in place, consider the 2017 WannaCry ransomware attack. This attack affected hundreds of thousands of computers in more than 150 countries, including major organizations such as the UK’s National Health Service and FedEx. The attack was able to exploit a vulnerability in older versions of Windows, and it spread rapidly through networks that had not installed the necessary security patches. This attack was a wake-up call for many organizations to take cyber security seriously and to ensure that they had a plan in place to protect themselves from similar attacks in the future. Here are some case studies on the impact of cybersecurity on businesses:

Target: In 2013, Target, the American retail giant, fell victim to a data breach that affected more than 40 million customers. The breach led to a decline in sales and a decrease in Target’s stock prices, which cost the company over $290 million.
Equifax: In 2017, Equifax, one of the largest credit reporting agencies in the United States, suffered a massive data breach that exposed the personal information of over 140 million customers. The breach resulted in a class-action lawsuit, a decline in stock prices, and a loss of credibility that impacted Equifax’s bottom line.
Maersk: In 2017, Maersk, the Danish shipping company, was hit by a ransomware attack that affected its global operations. The attack caused significant disruption to the company’s business, resulting in a loss of revenue and a decline in the company’s stock prices.
Sony: In 2014, Sony Pictures was targeted by a group of hackers who leaked confidential information, including employee salaries, personal emails, and unreleased movies. The cyber attack resulted in significant damage to Sony’s reputation, financial losses, and the cancellation of movie releases.
Colonial Pipeline: In May 2021, a ransomware attack on the Colonial Pipeline, which supplies nearly half of the fuel to the East Coast of the United States, caused the company to shut down its operations for several days. The attack disrupted fuel supplies and caused shortages and panic buying in several states. The company ultimately paid a ransom of $4.4 million to the attackers to regain control of their systems.

These case studies demonstrate the significant impact that cybersecurity breaches can have on businesses, including financial losses, damage to reputation, and loss of customer trust. It highlights the importance of investing in cybersecurity measures to protect the organization and its customers.

Organizations of all sizes must take proactive steps to protect themselves from potential cyber threats, including having a comprehensive cyber security plan in place, educating employees on cyber security best practices, and staying up-to-date on the latest threats and security tools. As former FBI Director Robert Mueller once said, “There are only two types of companies: those that have been hacked, and those that will be.”

Hackers can target any organization, regardless of its size or industry. However, certain types of organizations may be more frequently targeted due to the nature of their operations and the data they handle. For example:

Financial institutions: Hackers target banks and financial institutions to steal customer information, personal identification numbers (PINs), and financial data.
Healthcare organizations: Hackers target healthcare organizations to access sensitive medical records and personally identifiable information (PII) of patients.
Government agencies: Hackers target government agencies to access classified information, sensitive government data, and confidential information.
Small and medium-sized businesses (SMBs): SMBs are often targeted by hackers as they may have less sophisticated security measures in place and may not have the resources to implement robust cybersecurity practices.
Educational institutions: Hackers target educational institutions to access sensitive student information, research data, and financial information.
E-commerce websites: Hackers target e-commerce websites to steal credit card information, personal data, and other confidential information of customers.

In general, any organization that handles sensitive data is at risk of being targeted by cyber attackers.

Here are some quick steps that businesses can take to protect themselves from cyber attacks:

Keep software up to date: Ensure that all software, including operating systems and applications, is up to date with the latest security patches and updates. Many businesses often ignore updates in the operating systems or the software they are using rarely and this ignorance is dangerous for them.
Implement strong passwords: Use strong passwords and two-factor authentication wherever possible to secure access to sensitive data. Use the Google Authenticator app to add additional protection to access any application. It’s proven that those who use 2-factor authentication are more protected than those who don’t. In many cases, hackers can easily regenerate your password using hacking software but for the 2-factor authentication system, it is almost impossible as it generates a unique 6-digit code for your application and it dissolves within a few seconds. If they want to generate that 6-digit unique codes they need multiple supercomputers to match that unique code. Some applications offer 2-factor authentication through mobile sms but the app authentication system is more secure than SMS.
Educate employees: Educate employees about cyber threats and train them to identify and report suspicious activities.
Back up data regularly: Regularly back up all important business data, preferably to an off-site location.
Install antivirus and firewall software: Install and regularly update antivirus and firewall software to protect against malware and other cyber threats.
Limit access to sensitive data: Limit access to sensitive data only to those employees who need it to perform their job duties.
Monitor network activity: Monitor network activity for unusual or suspicious activity and be prepared to respond quickly to any security incidents.
Develop a cyber security plan: Develop a comprehensive cyber security plan that includes policies and procedures for protecting business data, responding to security incidents, and recovering from data breaches.

Protecting a business from cyber attacks can require some investment in terms of time and money, but it is important to note that the cost of a cyber attack can be much higher. A cyber attack can result in financial losses, damage to reputation, and loss of customer trust. In some cases, the impact of a cyber attack can be so severe that it can lead to the closure of a business.

There are several cost-effective steps that businesses can take to protect themselves from cyber attacks, such as:

Training employees on cyber security best practices.
Implementing strong password policies.
Regularly updating software and operating systems.
Using firewalls and antivirus software.
Conducting regular vulnerability assessments and penetration testing.
Backing up critical data regularly.
Implementing multi-factor authentication for critical accounts.

Investing in cyber security may seem like an added expense, but it is important to consider the potential cost of a cyber attack and the long-term impact it can have on a business. Taking proactive steps to protect against cyber threats can ultimately save a business from significant financial losses and damage to its reputation.

In the next episode, we will discuss the emerging threats in the field of cyber security and what steps you can take to stay ahead of the game. We will explore new technologies, such as artificial intelligence and the Internet of Things, and their impact on cyber security. Stay tuned!

Read Episode 1: https://blog.ritsbrowser.com/technology/cyber-security-awareness-bangladesh/

Read Episode 2: https://blog.ritsbrowser.com/life-hacks/cyber-security-awareness-protecting-yourself-online/

Author:

K.A.M. Rashedul Mazid, CEO, Rits Browser.